Six banking bosses charged over $2.5b capital plot involving ANZ

As per the consumer watchdog of Australia, the financial institutions like ANZ, Citigroup, and Deutsche Bank will be facing criminal proceedings due to the trading of its personal shares.

Also charged were Michael Ormaechea, Deutsche Bank's former Australian chief executive, Michael Richardson, Deutsche Bank's former head of equity capital markets for Australia and New Zealand, and Rick Moscati, ANZ's global head of treasury.

In February, ChairmanRod Sims in a speech said the Commission had five referrals with Australian prosecutors and a portfolio of investigations that were at an advanced stage.

ANZ and Citigroup have indicated they will defend the charges relating to the August, 2015 placement.

Deutsche Bank has been contacted for comment.

ANZ shares were down 0.4 per cent after 90 minutes of trade, and its three rivals were even weaker, with Commonwealth Bank the worst performer, down 1.1 per cent. This is also termed as Institutional Equity Placement that meant to spike the capital buffer of ANZ to cater to the demands of Australian Prudential Regulatory Authority of a strong banking sector.

The banks face a possible most penalty equal to 10 p.c of their annual turnover or 3 times the profit gained from the legal conduct.

"Charges have now been laid by the Commonwealth Director of Public Prosecutions and the matter will be determined by the Court".

ANZ Bank a year ago paid A$50 million to settle allegations it rigged a benchmark interest rate. It had further added that the regulators are now preferring to opt for an investigation by the ASIC regarding the worth of placement of 25.5 million shares which have been accepted by the joint lead managers.

The matter is listed for hearing in Sydney in early July, but is likely to take months, if not years, before the market learns if JPMorgan will take the stand and provide evidence against its big bank peers.

Under tough laws introduced in 2009, each man would face a maximum of 10 years in prison and fines of up to AU$420,000 if convicted.

Citigroup said in a statement last week that it "steadfastly denies the allegations made against it, and certain employees" and "will vigorously defend these allegations on behalf of itself and its employees".

Dr Grant, from the University of Sydney's Business School, said laws around the handling of capital raisings and the disposal of shares acquired by underwriters were unclear and "might need a little more clarification on the law".

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